In a liquidating distribution the cash proceeds are
Panel Trustee case loads vary between several hundred cases a year to several thousand depending on the location of the Panel Trustee.Although their obligations are many and varied, the Chapter 7 Trustees’ primary goal is to liquidate assets for the benefit of creditors where possible.The Panel Trustee may also seek to recover assets conveyed by the debtor prior to the filing of the bankruptcy.This could include payments made by the debtor to its creditors within 90 days of the bankruptcy filing or 1 year if the payments were made to related parties of the debtor.In almost every case, the interim trustee will continue to serve as the permanent trustee.
Why are Panel Trustees necessary for the Bankruptcy System? Chapter 7 bankruptcy is a liquidation legal proceeding.
The Panel Trustee will cause a notice to be given to all creditors to file their claims with the Bankruptcy Court.
The Panel Trustee will then pay creditors according to the priority level they have been given by the Trustee.
In all cases, Chapter 7 Trustees must investigate the debtor’s affairs, examine the debtor under oath, and submit reports to the bankruptcy court and Office of the U. The Panel Trustee may request additional information from the debtor to review in conjunction with the debtor's petition and schedules.
The Panel Trustee specifically reviews the debtor's exemption schedules to determine whether the debtor has properly followed the state or federal exemption laws.